The 549-carat Sethunya diamond and the 1,080-carat Eva Star stone just fetched the combined king’s ransom, underscoring the status of Karowe Mine as a leading source of large, high-value diamonds
GAZETTE REPORTER
Lucara Diamond Corp. has announced the successful sale of two exceptional diamonds from its Karowe Mine, marking one of the most significant transactions in recent history.
The company finalised the sale of the 549-carat Sethunya diamond and the 1,080-carat Eva Star diamond for a combined total of $54 million.
The president and CEO of Lucara, William Lamb, has emphasised the significance of the sale, noting that it underscores the Karowe Mine’s status as a leading source of large, high-value diamonds.
Exceptional clarity and purity
“The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project,” he said in a recently released statement.
“The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us with its ability to produce diamonds of exceptional size and quality.”
The Sethunya diamond, recovered in 2021, and the Eva Star, discovered in 2023, are both Type IIa diamonds, known for their exceptional clarity and purity.
These diamonds highlight Karowe’s reputation as a prolific producer of rare, high-value stones. Lucara recognised $44 million in revenue net of fees, excluding royalties, from the sale.
Cost overrun reserve account
The company had previously received $20 million from past agreements and collected an additional $24 million as part of this transaction. Of this amount, $16 million was received in Q4 2024, while the remaining $8 million was paid in Q1 2025.
As part of its obligations under the Project Facility, Lucara allocated $16 million of the sale proceeds, net of royalties, to the Cost Overrun Reserve Account. The transaction reinforces the company’s financial strength and its commitment to maximising value from its diamond recovery operations.
“This sale demonstrates the continued strong demand for these rare stones in the luxury market,” Lamb said. “The mineralogy we’re seeing is truly unprecedented in the industry.”